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If you place a limit order to buy @ 8.00 two months ago, and I place an order to buy at @ 8.01 only 1ms before it trades there, then I will be filled ahead of you.
If it stops at 8.01 and I'm filled, and you aren't, then who cares you waited two months.
And if it trades 7.99, then again, who cares you waited two months because a guy that placed an order to buy @ 8.00 only 1ms ago will be filled right behind you when 7.99 trades...
This is a perspective with added variables, which changes the whole picture.
The point is that if I want to place an order to buy at X, and it gets traded at X, if I placed it first, I want to be filled.
Now with the elimination of GTC, you need to chase the price or estimate if X + .01 0r X +.10 is worth it.
This is an issue of time management as well.
Matt
Optimus Futures
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Yes but in the real world, my average MAE is more than 0 so that argument doesn't apply. At least to anyone whose MAE is more than 0, which I would venture to say is 99.9% of retail.
I never said it didn't help HFT or institutions, because clearly it does.
Exactly - when I put an order in $2 below market price to try to "get a good deal" - I am NOT expecting it to go to that price exactly, reverse and then move up. That would make me quite the whizz kid wouldn't it.
In fact, if I thought it would go down $2 exactly, I'd put my order in 5-10c higher.
Queue position is irrelevant in this scenario.
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That's a stop limit, where you can choose the offset limit - but then it gaps past and they don't get filled so people complain anyway and that won't protect their asses.
Stop orders and limit orders are different. For example a stop buy order is placed above the market, while a limit buy order is placed below the market.